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OK, this is the conclusion they put after some analysis:
The mining revenue per machine has been declining at a rapid rate over the past year
• At current prices of c.$320 per BTC on a fully loaded, P&L basis, mining is almost certainly unprofitable
• On a cash basis, however, costs per BTC are c.$150-$160 and therefore having deployed the infrastructure the miners are likely to carry on mining and ‘keep the
lights on’ as long as prices stay above this level
• There is a self correcting cycle due to the dynamics described as follows:
It is likely that over the coming months and years, it is only the strongest and best capitalised miners that will avoid the
boom-bust cycle
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